Urban Logistics REIT has grown its portfolio value to £508m in the year ending March, buoyed by “ongoing momentum” in the logistics sector.
The value of its portfolio, which stood at £207m in the previous year, grew by 13.2% (£17m) on a like-for-like basis.
The FTSE AIM 100 landlord bought £295m of properties during the year, including some for development. These were financed by a combined £228m of capital raised from two issues in March and October last year, as well as additional debt funding.
Revenue has doubled to £24.2m, up from £12.6m last year, while net rental income has rocketed by 88% to £22.9m.
EPRA NTA per share has soared to 152.33p, compared with 137.89p at the previous year-end. Profit has surged to £47.6m, from £9.4m last year.
The REIT’s loan-to-value ratio was 27.9% at the end of March.
During the year the firm made £30m disposals at a 4.8% exit yield.
Nigel Rich, chairman of Urban Logistics, said that the board has set its sights on “a level of market capitalisation that will justify a move to a premium listing on the main market of the London Stock exchange in the near future”.
The landlord signalled that it would raise further funds in the capital markets to achieve this goal.
Rich pointed to “ongoing momentum” in the logistics sector. The REIT said it expects the investment and occupational markets will remain “favourable” for mid-box properties, especially in the Midlands and North where the government will likely “concentrate much of its promotional efforts”.
Richard Moffitt, chief executive, said: “High lettings levels, a shortage of supply in the market generally and a strong M&A market evidence further potential in our portfolio.
“Equally, in terms of the year ahead, we are fully invested and have a strong pipeline of attractive off market opportunities which would allow us to keep pace with our past track record of new investment.”
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